Scrips Rise

Frenzied buying by speculators and financial institutions lifted share prices to close with notable gains spread over a wide front on the Delhi Stock Exchange yesterday. According to stock brokers the statement by prime minister H D Deve Gowda that a economic package for the capital market and industry revivals would be announced on Friday mainly fuelled fresh spell of speculative buying. However, some selling by profit takers was also witnessed during the session, stock brokers said.

Speculators generally concentrated on the trend-setter, Reliance Industries, State Bank of India and Tisco throughout the day which mainly pushed up the sensitive index. Reflecting the mood of the market, the Delhi Stock Exchange sensitive index shot up by another 6.38 points to close at 767.91 points.

Reliance Industries shares traded heavily during the session largely on massive buying by speculators and prices went up by another Rs 9.50 to close at Rs 282.50.

Tisco, another heavy weighted stock, also attracted large scale buying from speculators as well as financial institutions and scored a hefty gain of Rs 5.25 to close the day at Rs 212.50. State Bank of India, leading public sector banking company shares also remained the speculators and financial houses fancy throughout the day and ended Rs 18.15 higher at Rs 313.90.

ACC, L&T, Apollo Tyres, ITC Limited, LML Limited, Hero Honda, Escorts, Arvind Mills, Asian Hotels, Jaiprakash Industries, IPCL, DCM Daewoo Motors, IFCI and DCM were also attracted speculators buying.